TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

OECD Economic Assessment of the Pillar One and Pillar Two proposals

The OECD hosted a webinar in October on the Economic Impact Assessment on the tax challenges arising from digitalisation. The Impact Assessment presents an analysis of the predicted economic and tax revenue implications of the Pillar One and Pillar Two proposals under discussion by the Inclusive Framework.

During the webinar, the OECD outlined that Pillar One and Pillar Two could increase global corporate income tax (CIT) revenues by about USD $50-80 billion per year. Taking into account the combined effect of the two Pillars and the US global intangible low-taxed income or GILTI regime, the total effect could represent USD $60-100 billion per year or up to around 4 percent of global CIT revenues. Overall, the negative effect on global GDP stemming from the expected increase in tax revenues associated with the proposals is estimated to be less than 0.1 percent in the long term.

You can watch the webinar on the OECD website.